Luckily, I've taken advice from all the podcasts and the local community and started forming relationships and a network where I'm sure I could get a hold of someone who could help me... but estimating rehab costs for assigning contracts, taking on rehabs for both flips and or buy and holds will be extremely valuable and give me waaay more confidence pursuing our new REI endeavors. 

As you plan to reset and pursue your goal of attaining $5,000/month in positive cash flow with decent liquidity, partnering with other investors could be a valuable option to consider.There's a famous quote that says, "If you want to travel fast, travel alone; however, if you want to travel far, travel in a group."

Make a post about the investment you're considering pursuing and see what others think about it.Best of Luck!

As a newbie, this is the best way to get into the game and it's what I'm pursuing as a newbie! 

One minor exception to the comment: not advisable to lose Section 8 funding which could result both an immediate lose of further rents and/or a squatting/eviction scenario.Next:1) In terms of the late rent payment(s) - consider a 3-Day Notice to "Cure or Quit". 2) If step 1) ineffective, consider the lease type - in many states if month-to-month the lessor has the right to submit "30-Day Notice to Vacate" without cause. 3) If step 2) is ineffective, an Unlawful Detainer (aka Eviction) could be pursued.

However, being that it's been unoccupied and just bleeding cash for over a year now I decided to pursue it.

Might not be the best place to invest for that, but if you do want to pursue LTRs, land, etc. in the South Sound/peninsula area, I'd be glad to help

But it had to be structured before you sold the property, so it's too late now.And there were other options to deal with your capital gain, but they are also too late to pursue now.Lesson for everyone: You save taxes by planning forward, not after the fact.

It's been on my radar but never pursued.

@Srini Murthy hopefully it is a non-issue if you pursue this property!